If the labour force participation rate is 90%, employment is 140 million, there are 20 million adults not in the labour force, what is the unemployment rate? How does one find the number of people that are unemployed and how does one get the answer of 22.2%?

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Mahe AlamLv10

28 Sep 2019

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Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed. Answer the following questions: (show your work for credit)

A. What is the labor force participation rate?

B. What is the unemployment rate?

C. If 5 million of the unemployed become discouraged and stop looking for work, what is the new unemployment rate?

D. Suppose instead that 30 million jobs are created and this attracts 20 million new people into the labor force. What would be the new rates for labor force participation and unemployment?

Here are the raw results of an unemployment survey of the US one month: 330 million people, with 70 million under the age of 16. 15 million adults were in institutions such as prisons. 130 million of them had full-time jobs, 20 million had worked part-time the previous week. 40 million were retired, 20 million were full-time homemakers, and 25 million were full-time students. 3 million people fell into none of these categories but had not actively sought work in the last 3 months, while 7 million people had actively sought work but had not worked (and were not otherwise counted in a category above).

(1) What is the (non-institutionalized) adult population of the US this month?

(2) How many people are employed?

(3) How many adults are unemployed?

(4) How many people are in the labour force?